Petrol spikes as discounting cycle resumes

From

Petrol price; RBA Governor speech

  • Petrol prices have risen for the first time in five weeks. The Australian Institute of Petroleum reports that the average Australian petrol price rose by 3.6 cents a litre last week – the biggest weekly price gain in seven months. The national pump price stands at a 3-week high of 122.7 cents a litre.
  • While pump prices rose sharply last week as massive discounts ended, the good news is that the wholesale price continues to fall, hitting a 10-month low.
  • The Reserve Bank Governor has delivered a talk: “Monetary Policy and the Regions”. The key point the Governor wanted to get across is that the Reserve Bank is listening – alert to the needs, concerns and differences across the country.

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